(A) In lieu of the amount and form of retirement income payable as specified herein, a member, upon written request to the board, may elect to receive a retirement income or benefit of actuarial equivalence, payable in accordance with one of the following options:
(1) A monthly benefit payable to the retiree for his lifetime only.
(2) A monthly benefit payable to the retiree for life but with one hundred twenty (120) payments guaranteed in any event.
(3) A monthly benefit payable to the retiree during his lifetime and following his death, one hundred percent (100%), seventy-five percent (75%), sixty-six and two-thirds percent (66-%) or fifty percent (50%) of such monthly amount, payable for the beneficiary's lifetime. In no event, however, shall the present value of payments to the retiree be less than fifty percent (50%) of the total present value of payments to the retiree and his beneficiary.
(4) If a member retires prior to the time at which Social Security benefits are payable, he may elect to receive an increased monthly benefit until such time as Social Security benefits shall be assumed to commence and a reduced benefit thereafter in order to provide, to as great an extent as possible, a more level retirement allowance during the entire period of retirement. The amounts payable shall be as recommended by the actuary for the system, based upon the Social Security law in effect at the time of the member's retirement.
(B) A member who elects any option in this section shall designate the beneficiary to receive the benefit, if any, payable under the system in the event of member's death, and will have the power to change such designation up to two (2) times without approval of the Board or the current joint annuitant or beneficiary. The retired member need not provide proof of the good health of the joint annuitant or beneficiary. The retiree need not provide proof of the good health of the joint annuitant or beneficiary being removed and the joint annuitant or beneficiary need not be living. Such designation shall name one or more primary beneficiaries where applicable.
(C) The consent of a member's or retiree's beneficiary to change thereof shall not be required. The rights of all previously-designated beneficiaries to receive any benefits under the system shall thereupon forever cease.
(D) Any retired member who desires to change his or her beneficiary shall file with the Board a notarized notice of such change either by registered letter or on such form as is provided by the Board.
(E) Upon change of a retiree's beneficiary in accordance herewith, the amount of the monthly benefit payable to the retiree shall be actuarially recalculated on a prospective basis to take into account the age and sex of the former beneficiary, of the new beneficiary and of the retiree. Any such retiree shall pay the actuarial recalculation expenses. In the event that no designated beneficiary survives the retiree, such benefits as may be payable in the event of the death of the retiree shall be paid as provided in § 55.12.
(F) Monthly benefits shall be made under the option elected and shall be subject to the following limitations:
(1) If a member dies prior to his early retirement date, no retirement benefit will be payable under the option to any person, but the benefits, if any, will be determined under § 55.08.
(2) If the designated beneficiary dies before the member retires, the option elected will be canceled automatically and a monthly benefit in the normal form and amount will be payable to the member upon his retirement as if the election had not been made, unless a new election is made or a new beneficiary is designated by the member prior to his retirement.
(3) If both the retiree and all beneficiaries designated by the member or retiree die before the full payment has been made under any option providing for payments for a period certain and life thereafter, the board may, in its discretion, direct that the commuted value of the remaining payments be paid in a lump sum and in accordance with § 55.12.
(4) If a member continues employment beyond his normal retirement date and dies prior to his actual retirement and while an option is in effect, monthly benefits shall be paid under said option to the beneficiary or beneficiaries in an amount as if the member had retired under said option on the date on which his death occurred.
(G) A retiree may not change his retirement option after the date of cashing or depositing his first benefit check.
(H) Notwithstanding anything herein to the contrary, the Board, in its discretion, may elect to make a lump-sum payment to a member or a member's beneficiary in the event that the monthly benefit amount is less than one hundred dollars ($100.00) or the total commuted value of the remaining monthly benefits to be paid do not exceed five thousand dollars ($5,000.00). Any such payment made pursuant hereto shall operate as a complete discharge of all obligations under the system with regard to such member and shall not be subject to review by anyone, but shall be final, binding and conclusive on all persons.
(Ord. 2000-15, passed 5-5-00; Am. Ord. 2013-45, passed 8-13- 13; Am. Ord. 2023-50, passed 7- 20-23)